Employee Engagement Market to Appear at US$ 3.8 Bn, Making at a CAGR of 9.1% from 2022 to 2032
The global employee engagement market is expected to grow at a CAGR of 9.1% during the forecast period (2022 to 2032), reaching nearly US$ 3.8 Bn by 2032.
Every aspect of human resource management (HRM) has been impacted by technological advancements across numerous sectors. Employee benefit platforms, performance management tools, employee recognition tools, and survey tools are widely being adopted by companies to ensure a better relationship with their employees.
Cloud-based employee engagement software has made it easier for enterprises to provide better and faster outcomes. These enterprises and their corresponding employees are benefitted from this software and the tools. The present generation is of digital nomads who embrace employee engagement through technology.
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In recent years, there have been efficient and sophisticated employee engagement solutions that assist enterprises in the people management processes. Increasing implementation of ML (Machine Learning) and AI (Artificial Intelligence) in the workplace to manage employees and their workflow will further spur demand in the market.
AI promotes effective communication and individualized actions that take place throughout. HR department is able to make better-informed, data-driven decisions and make rational choices to engage & retain the employees. Using these solutions, managers use the data to better understand the factors that influence employee productivity.
“Growing trend of remote work culture, along with increasing need across organizations to focus on employee centricity will augment the growth in the market,” says an FMI analyst.
- By solution, the employee engagement software segment is anticipated expand at a CAGR of 1% through the forecast period.
- Unified communications software will hold the largest market share of 4% by 2032.
- Among the enterprise size, the large enterprise segment is estimated to grow by 2X during the forecast period.
- By industry, the BFSI industry segment is anticipated to grow at the highest CAGR of 9% from 2022 to 2032, followed by the IT & telecom industry.
- North America is estimated to lead the employee engagement market followed by the Europe in 2022. Whereas South Asia & Pacific is estimated to be the fastest-growing region during the forecast period.
- Employee engagement market in East Asia is estimated to witness an absolute $ opportunity of US $322.6 Mn in the forecast period.
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Leading players operating in the global employee engagement market are investing in mergers, acquisitions and collaborations with start-ups and other service providers to improve sales in the market.
Some of the key players include IBM Corporation, Microsoft Corporation, Google, Bitrix24, Atlassian Corporation Plc, Xoxoday, Connecteam, Officevibe (GSoft Group Inc.), and others.
- In March 2022, Lattice, a people success platform for companies announced the release of a new OKR and Goals solution targeted at establishing strategic alignment between organizations and their workers. This tool assists firms in constantly setting and managing objectives, in order to remain aligned and on track in the business processes.
- In March 2021, Workday Inc., a provider of business cloud solutions for finance and human resource, finalized the purchase of Peakon ApS, a platform for employee success that turns feedback into actionable insights. Peakon is currently a part of Workday.
More Valuable Insights on Employee Engagement Market
Future Market Insight’s report on the employee engagement industry market research is segmented into five major sections – by solutions (software (integrated employee engagement platform, standalone software (unified communications software, enterprise social intranet software, employee recognition & reward software, employee performance management software)), and services (professional services (consulting services, integration & implementation, support & maintenance, training & development), and managed services)), by deployment (on-premise, and cloud-based), enterprise size (small and mid-sized enterprises (SMEs), and large enterprises), industry (IT & telecom, BFSI, healthcare, retail, manufacturing, government, manufacturing, and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the employee engagement demand outlook.
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Employee Engagement Market Outlook by Category
- Managed Services
By Enterprise Size:
- Small and Mid-Sized Enterprises (SMEs)
- Large Enterprises
- IT & Telecom
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa